Every staff member needs to be motivated in one way or another. To assume that everyone is spurred by money is extremely short-sighted.
There's no question that one of the primal needs for all of us is the need to be part of something- to belong. Yes, a holiday gathering is certainly a good idea, but by no means should it be the only occasion to coalesce a group. Quarterly or monthly outings outside of the workplace can be not only fun - they can be educational as well. Visits to local farms, breweries, wineries or even museums are fair game.
Utilising staff talents
Utilising the innate talents of one's team members is another way to keep people vested. David and Karen Waltuck, long-term owners and operators of the iconic restaurant "Chanterelle" in New York City, were intuitive enough to have one of their staff create the flower arrangements, another to exhibit their artwork and another to calligraphy the menus. Their book "Family Meals," was an indication of how strongly they felt about feeding their team members with carefully thought out and delicious pre-service dinners.
Knowing your staff
A great manager or owner will spend time finding out what motivates each of his team players. In some cases, it might be skill improvement, in others, travel.
With hiring and staff retention being such a challenge, anything to keep team members feeling positive about their workplace is a step in the right direction.